Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 90 items for a total selling price of $3,960 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $2,007. To place the order, Allstar Inc. required a $900 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. a. Demonstrate the five steps of the revenue recognition process for this scenario.
Description of revenue recognition step Application of the revenue recognition step
Step 1
Step 2
Step 3 Calculation of transaction price:
Step 4
Step 5
b. Record Allstar's entry on September 14, 2020.
Account Name Dr. Cr.
c. Record Allstar's entries on October 7, 2020.
Account Name Dr. Cash Cr.
Sales Revenue
To record the sale of product.
To record the cost of sale of product.

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Companies in the u.s. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. in 2011 hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. the following data show the number of cars in service (1000s) and the annual revenue ($ millions) for six smaller car rental companies (auto rental news website, august 7, 2012). excel file: data14-09.xls if required, enter negative values as negative numbers. a. select a scatter diagram with the number of cars in service as the independent variable. b. what does the scatter diagram developed in part (a) indicate about the relationship between the two variables? c. use the least squares method to develop the estimated regression equation (to 3 decimals). ŷ = + x d. for every additional car placed in service, estimate how much annual revenue will change. by $ e. fox rent a car has 11,000 cars in service. use the estimated regression equation developed in part (c) to predict annual revenue for fox rent a car. round your answer to nearest whole value. $ million hide feedback partially correct

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.